Derivative Financial Instruments (Tables)
|
9 Months Ended |
Sep. 26, 2015 |
|---|
| Derivative [Line Items] |
|
| Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
Total gross notional amounts for outstanding derivatives (recorded at fair value) at the end of each period were as follows:
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(In Millions) |
|
Sep 26,
2015 |
|
Dec 27,
2014 |
|
Sep 27,
2014 |
Currency forwards |
|
$ |
12,395 |
|
|
$ |
15,578 |
|
|
$ |
13,896 |
|
Currency interest rate swaps |
|
4,966 |
|
|
5,446 |
|
|
5,015 |
|
Embedded debt derivatives |
|
3,600 |
|
|
3,600 |
|
|
3,600 |
|
Interest rate swaps |
|
1,740 |
|
|
1,347 |
|
|
1,259 |
|
Total return swaps |
|
1,020 |
|
|
1,056 |
|
|
1,032 |
|
Other |
|
64 |
|
|
49 |
|
|
53 |
|
Total |
|
$ |
23,785 |
|
|
$ |
27,076 |
|
|
$ |
24,855 |
|
The gross notional amounts for currency forwards and currency interest rate swaps (presented by currency) at the end of each period were as follows:
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(In Millions) |
|
Sep 26,
2015 |
|
Dec 27,
2014 |
|
Sep 27,
2014 |
Chinese yuan |
|
$ |
2,650 |
|
|
$ |
3,097 |
|
|
$ |
1,420 |
|
Euro |
|
6,546 |
|
|
7,486 |
|
|
6,973 |
|
Israeli shekel |
|
1,938 |
|
|
2,489 |
|
|
2,170 |
|
Japanese yen |
|
2,733 |
|
|
3,779 |
|
|
4,223 |
|
Other |
|
3,494 |
|
|
4,173 |
|
|
4,125 |
|
Total |
|
$ |
17,361 |
|
|
$ |
21,024 |
|
|
$ |
18,911 |
|
|
| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
The fair value of our derivative instruments at the end of each period were as follows:
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September 26, 2015 |
|
December 27, 2014 |
(In Millions) |
|
Other
Current
Assets
|
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Other
Long-Term
Assets
|
|
Other
Accrued
Liabilities
|
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Other
Long-Term
Liabilities
|
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Other
Current
Assets
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Other
Long-Term
Assets
|
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Other
Accrued
Liabilities
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Other
Long-Term
Liabilities
|
Derivatives designated as hedging instruments: |
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|
|
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|
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|
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|
|
|
|
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Currency forwards |
|
$ |
31 |
|
|
$ |
6 |
|
|
$ |
156 |
|
|
$ |
1 |
|
|
$ |
6 |
|
|
$ |
1 |
|
|
$ |
497 |
|
|
$ |
9 |
|
Interest rate swaps |
|
— |
|
|
3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total derivatives designated as hedging instruments |
|
31 |
|
|
9 |
|
|
156 |
|
|
1 |
|
|
6 |
|
|
1 |
|
|
497 |
|
|
9 |
|
Derivatives not designated as hedging instruments: |
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|
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|
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|
|
|
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|
|
|
|
Currency forwards |
|
40 |
|
|
— |
|
|
78 |
|
|
— |
|
|
207 |
|
|
— |
|
|
44 |
|
|
— |
|
Currency interest rate swaps |
|
365 |
|
|
24 |
|
|
36 |
|
|
— |
|
|
344 |
|
|
34 |
|
|
7 |
|
|
— |
|
Embedded debt derivatives |
|
— |
|
|
— |
|
|
— |
|
|
16 |
|
|
— |
|
|
— |
|
|
4 |
|
|
8 |
|
Interest rate swaps |
|
— |
|
|
— |
|
|
5 |
|
|
— |
|
|
3 |
|
|
— |
|
|
11 |
|
|
— |
|
Other |
|
2 |
|
|
15 |
|
|
8 |
|
|
— |
|
|
1 |
|
|
22 |
|
|
— |
|
|
— |
|
Total derivatives not designated as hedging instruments |
|
407 |
|
|
39 |
|
|
127 |
|
|
16 |
|
|
555 |
|
|
56 |
|
|
66 |
|
|
8 |
|
Total derivatives |
|
$ |
438 |
|
|
$ |
48 |
|
|
$ |
283 |
|
|
$ |
17 |
|
|
$ |
561 |
|
|
$ |
57 |
|
|
$ |
563 |
|
|
$ |
17 |
|
|
| Offsetting Assets And Liabilities [Table Text Block] |
The gross amounts of our derivative instruments and reverse repurchase agreements subject to master netting arrangements with various counterparties and cash and non-cash collateral posted under such agreements at the end of each period were as follows:
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|
September 26, 2015 |
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|
Gross Amounts Not Offset in the Balance Sheet |
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|
(In Millions) |
|
Gross Amounts Recognized |
|
Gross Amounts Offset in the Balance Sheet |
|
Net Amounts Presented in the Balance Sheet |
|
Financial Instruments |
|
Cash and Non-Cash Collateral Received or Pledged |
|
Net Amount |
Assets: |
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|
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|
Derivative assets subject to master netting arrangements |
|
$ |
475 |
|
|
$ |
— |
|
|
$ |
475 |
|
|
$ |
(206 |
) |
|
$ |
(127 |
) |
|
$ |
142 |
|
Reverse repurchase agreements |
|
3,318 |
|
|
— |
|
|
3,318 |
|
|
— |
|
|
(3,318 |
) |
|
— |
|
Total assets |
|
3,793 |
|
|
— |
|
|
3,793 |
|
|
(206 |
) |
|
(3,445 |
) |
|
142 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
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|
Derivative liabilities subject to master netting arrangements |
|
298 |
|
|
— |
|
|
298 |
|
|
(206 |
) |
|
(15 |
) |
|
77 |
|
Total liabilities |
|
$ |
298 |
|
|
$ |
— |
|
|
$ |
298 |
|
|
$ |
(206 |
) |
|
$ |
(15 |
) |
|
$ |
77 |
|
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|
December 27, 2014 |
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Gross Amounts Not Offset in the Balance Sheet |
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|
(In Millions) |
|
Gross Amounts Recognized |
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Gross Amounts Offset in the Balance Sheet |
|
Net Amounts Presented in the Balance Sheet |
|
Financial Instruments |
|
Cash and Non-Cash Collateral Received or Pledged |
|
Net Amount |
Assets: |
|
|
|
|
|
|
|
|
|
|
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|
Derivative assets subject to master netting arrangements |
|
$ |
559 |
|
|
$ |
— |
|
|
$ |
559 |
|
|
$ |
(365 |
) |
|
$ |
(78 |
) |
|
$ |
116 |
|
Reverse repurchase agreements |
|
718 |
|
|
— |
|
|
718 |
|
|
— |
|
|
(718 |
) |
|
— |
|
Total assets |
|
1,277 |
|
|
— |
|
|
1,277 |
|
|
(365 |
) |
|
(796 |
) |
|
116 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities subject to master netting arrangements |
|
559 |
|
|
— |
|
|
559 |
|
|
(365 |
) |
|
(80 |
) |
|
114 |
|
Total liabilities |
|
$ |
559 |
|
|
$ |
— |
|
|
$ |
559 |
|
|
$ |
(365 |
) |
|
$ |
(80 |
) |
|
$ |
114 |
|
|
| Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] |
The before-tax gains (losses), attributed to the effective portion of cash flow hedges, recognized in other comprehensive income (loss) for each period were as follows:
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Three Months Ended |
|
Nine Months Ended |
(In Millions) |
|
Sep 26,
2015 |
|
Sep 27,
2014 |
|
Sep 26,
2015 |
|
Sep 27,
2014 |
Currency forwards |
|
$ |
(68 |
) |
|
$ |
(241 |
) |
|
$ |
(268 |
) |
|
$ |
(201 |
) |
Other |
|
— |
|
|
— |
|
|
— |
|
|
(3 |
) |
Total |
|
$ |
(68 |
) |
|
$ |
(241 |
) |
|
$ |
(268 |
) |
|
$ |
(204 |
) |
|
| Not Designated as Hedging Instrument [Member] |
|
| Derivative [Line Items] |
|
| Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] |
The effects of derivative instruments not designated as hedging instruments on the consolidated condensed statements of income for each period were as follows:
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Three Months Ended |
|
Nine Months Ended |
(In Millions) |
|
Location of Gains (Losses)
Recognized in Income on Derivatives
|
|
Sep 26,
2015 |
|
Sep 27,
2014 |
|
Sep 26,
2015 |
|
Sep 27,
2014 |
Currency forwards |
|
Interest and other, net |
|
$ |
(19 |
) |
|
$ |
62 |
|
|
$ |
(33 |
) |
|
$ |
40 |
|
Currency interest rate swaps |
|
Interest and other, net |
|
80 |
|
|
221 |
|
|
283 |
|
|
193 |
|
Interest rate swaps |
|
Interest and other, net |
|
(3 |
) |
|
1 |
|
|
(8 |
) |
|
(3 |
) |
Total return swaps |
|
Various |
|
(90 |
) |
|
(7 |
) |
|
(48 |
) |
|
51 |
|
Other |
|
Various |
|
(3 |
) |
|
(3 |
) |
|
(17 |
) |
|
(1 |
) |
Total |
|
|
|
$ |
(35 |
) |
|
$ |
274 |
|
|
$ |
177 |
|
|
$ |
280 |
|
|
| Interest and other, net [Member] | Fair Value Hedging [Member] |
|
| Derivative [Line Items] |
|
| Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] |
The effects of derivative instruments designated as fair value hedges, recognized in interest and other, net for each period were as follows:
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|
Three Months Ended |
|
Nine Months Ended |
(In Millions) |
|
Sep 26,
2015 |
|
Sep 27,
2014 |
|
Sep 26,
2015 |
|
Sep 27,
2014 |
Interest rate swap |
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
3 |
|
|
$ |
— |
|
Hedged item |
|
(3 |
) |
|
— |
|
|
(3 |
) |
|
— |
|
Total |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|